Blog Post

FCC Gives Nod To Clear Channel Sale

The FCC has voted on a 5-0 basis not to block the sale of radio giant Clear Channel (NYSE: CCU) to two private equity firms for $19.5 billion. News that FCC approval was imminent was first tipped in a report two weeks ago. While approval was unanimous, Democratic commissioners Michael Copps and Jonathan Adelstein put out their own statements expressing concern about Clear Channel’s market dominance while suggesting that the issue needs to be explored further. Shares of Clear Channel are up over 5 percent on the news, but there’s still a significant gap below the buyout price, as the market still has its doubts.